Using a food processor, process sandwich cookies until they are fine crumbs. Add the cream cheese and vanilla extract, pulse until combined.
In a small microwaveable bowl, 1 cup Candy Melts Candy according to package directions.
Pour melted candy into food processor with the cookie mixture; pulse until combined. Refrigerate mixture 30 minutes, or until firm enough to scoop and roll into balls.
Scoop mixture into rounded tablespoonfuls and roll into balls. Arrange truffles on a parchment lined baking sheet. Freeze for 30 minutes or until very firm.
In a medium microwaveable bowl, melt remaining light cocoa Candy Melts according to package directions.
Dip cookie truffles in melted candy and place back on the parchment lined baking sheet. Immediately add sprinkles, if using. Store cookie truffles in an airtight container in the refrigerator once candy is set.